Procurement Analytics Market: Overview, Segments, Companies, Drivers and News
The procurement analytics market is gaining traction globally, as organizations seek to derive insights from spend data to reduce costs, risks and enhance procurement performance. The market is witnessing steady growth as data analysis and business intelligence techniques are applied to procurement functions. The Procurement Analytics Market Analysis shows a growth of 26.20% in the forecast period 2022-2030.
Key Segments of the Procurement Analytics Market
The procurement analytics market can be segmented by component, deployment, organization size, industry vertical and region.
Based on components, the market is segmented into solutions and services. Procurement analytics solutions constitute software, tools and platforms. Services include integration, maintenance, consulting and training.
By deployment mode, the market is bifurcated into on-premise and cloud-based deployment. The cloud segment accounts for a major share, owing to easier scalability.
On the basis of organization size, the market is divided into SMEs and large enterprises. Currently, large enterprises dominate the market.
By industry vertical, key segments include manufacturing, retail, healthcare, government, energy and utilities, telecom, and others. Procurement analytics sees wide adoption across verticals.
The North America region commands the largest market share presently. APAC is likely to exhibit the highest growth rate in the coming years.
Major Companies Offering Procurement Analytics Solutions
Some of the major vendors in the procurement analytics market include:
- SAP Ariba: Provides intelligence and analytics solutions for procurement.
- IBM: Cognos Analytics and Watson Supply Chain suite offer procurement insights.
- SAS: Offers advanced analytics for procurement and sourcing processes.
- Oracle: Oracle Procurement Cloud provides data-driven procurement solutions.
- Zycus: Procurement analytics solutions provider with spend analysis capabilities.
- Rosslyn Analytics: RAPid procurement analytics platform centered on data science.
- Genpact: Offers digital procurement solutions and advisory services for enterprises.
- Tamr: Uses machine learning techniques for cleansing procurement data at scale.
Key Growth Drivers for the Procurement Analytics Market:
- Rising need to break down procurement silos and get unified spend analysis.
- Demand for data-driven procurement decisions and strategy.
- Need for identifying cost savings opportunities, risks and bottlenecks.
- Increased maturity of predictive analytics, AI/ML fueling procurement insights.
- Emergency of self-service analytics reducing dependency on IT and consultants.
- Proliferation of digital transformation initiatives in procurement domain.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Procurement Analytics Market –
Recent News in the Procurement Analytics Space:
- SAP Ariba released integrated procurement analytics capabilities for intelligent spend management.
- Ivalua launched new spend analytics solution to unlock procurement insights.
- Microsoft acquired ClearSoftware to leverage procurement insights across supply chain.
- LeanData introduced analytics solution to track ROI across procurement channels.
- GEP launched GEP MERLIN, offering users enhanced visibility into procurement analytics.
The procurement analytics market outlook remains positive as organizations emphasize data-led procurement processes to create leaner, smarter and more agile supply chains. Emerging technologies like AI, ML and NLP are expected to drive the next wave of disruption in the procurement analytics space.
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